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 May 04, 2007

Larger Banking Institutions reach out to Illegal Immigrants
Some of the largest banks in the nation are currently developing plans to offer mortgages to illegal immigrants.
One major bank, J.P. Morgan Chase, is working on a pilot loan program that would offer mortgages to immigrants that reside in Maricopa County, Arizona. Other companies including Wells Fargo, Citigroup, Inc. and Fifth Third Bancorp are also looking into these experimental loan programs.

Mortgage insurance that is connected up with these loans is being looked into by Genworth Financial. The international banking company Deutsche Bank AG, has partnered with the Hispanic National Mortgage Association with plans to create a secondary market situation where larger banks can trade and sell the loans; therefore reducing the risk of having the loans of this type on their books.

The president of the Hispanic National Mortgage Association estimates that there is upwards of $85 million in potential loans that could be generated from undocumented immigrants in this country.

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